The Economic Situation: Chapter I. The Home Economy

Anonymous

National Institute Economic Review, 1966, vol. 38, 4-22

Abstract: National output reached a temporary peak in the first quarter of 1966. It fell in the second quarter : one reason was that consumers, in anticipation of a stiff Budget, increased their spending before it and consequently reduced their spending after it. National output almost certainly fell again in the third quarter : the industrial production figures, the unemployment figures, and tentative expenditure estimates all point to this conclusion. Under the impact of the tax increases and the credit restrictions, consumers' expenditure in real terms seems to have fallen about 1¾ per cent, or £85 million (at 1958 prices). Judging from the unemployment figures, output can hardly have risen in the fourth quarter.

Date: 1966
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